Apple posts record $89.6B revenue, iPhones sales grow over 65%

Apple has posted a record revenue of $89.6 billion for its March quarter which is up 54 per cent (year-on-year), delivering strong double-digit growth in each of its product categories, especially iPhones.

Rising on iPhone 12 series, the smartphone category saw a massive 65.5 per cent growth from last year, and Mac and iPad sales also performed better.

“This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us,” Apple CEO Tim Cook said in a statement late on Wednesday.

Apple shares were up 4 per cent in extended trading. The company also authorised $90 billion in share buybacks.

The iPhone revenue was $47.94 billion, up 65.5 per cent (on-year) while Services revenue was $16.9 billion, up 26.7 per cent.

Apple posted revenue for Mac lineup at $9.1, up 70.1 per cent and $7.8 billion for iPads, up 78.9 per cent.

Other Products revenue was $7.83 billion, up 24 per cent year-over-year.

“Apple is in a period of sweeping innovation across our product lineup, and we’re keeping focus on how we can help our teams and the communities where we work emerge from this pandemic into a better world,” Cook added.

International sales accounted for 67 percent of the quarter’s revenue.

“We are proud of our March quarter performance, which included revenue records in each of our geographic segments and strong double-digit growth in each of our product categories, driving our installed base of active devices to an all-time high,” said Apple CFO Luca Maestri.

“These results allowed us to generate operating cash flow of $24 billion and return nearly $23 billion to shareholders during the quarter. We are confident in our future and continue to make significant investments to support our long-term plans and enrich our customers’ lives,” he added.

Apple’s board of directors has declared a cash dividend of $0.22 per share of the company’s common stock, an increase of 7 per cent.